The project was one of two approved by the Colorado Economic Development Commission for tourism-related tax incentives. Pueblo also got the nod to use state tourism incentives to build the Professional Bull Riding University and an expanded convention center.

For Gaylord, the commission approved an $81.4 million incentive package over 30 years. The company had requested $153.4 million, and Gaylord officials had said they would not do the project without the entire amount.

But in a statement Friday, Gaylord president and chief executive Colin Reed said he is looking forward to negotiating a deal with the state over the next four months.

"We are excited about the greater Denver region and will review the overall viability of the project in its current form and structure, given this decision, while at the same time preserving the enormous economic benefits that this project will bring to Colorado," Reed said. "We look forward to working with the commission over the coming months to finalize the details."

Aurora has agreed to provide up to $300 million in incentives for the project. It cannot make up the $72 million difference between what the commission awarded and what was requested, said Aurora Economic Development Council president Wendy Mitchell.

"Aurora doesn't have any more money," she said. "I think what we have to do now is figure out how to make it work."

Advertisement

Critics of state funding for Gaylord have said the project could harm downtown Denver's convention and hotel business.

"From the very beginning, we had concerns over the impact that this project could potentially have on downtown," said Tami Door, president and chief executive of the Downtown Denver Partnership.

Conventions and meetings that already are coming to downtown could be drawn to the Gaylord project, she said.

Colorado economic-development chief Ken Lund had recommended that only Gaylord be approved, but the commission has the discretion to approve up to two projects a year, as long as the combined incentives do not exceed $50 million annually.

Under the Regional Tourism Act, passed in 2009, approved projects are entitled to receive a portion of the sales taxes generated by their developments to help offset costs. This is the first year the state has reviewed applications.

Pueblo will get $14.8 million over 30 years for PBR University, a riverwalk entertainment district and an expanded convention center. It had requested $59.8 million over the same period.

Rich Werner, vice president of the Pueblo Economic Development Corp., said he's pleased the panel approved Pueblo's application.

"We felt our application adhered to the intent of the legislation," Werner said.

The commission determined that both projects were "unique and extraordinary," as required under the statute, and would bring new tourism dollars to the state.

Officials for both projects will spend the next four months negotiating terms and conditions with the state. Lund's recommendation outlines suggested terms and conditions for Aurora but not for Pueblo. Lund said PBR University is unique and extraordinary but questioned how long it would take to complete.

Among the conditions that Lund suggested for Gaylord's 1.9 million-square-foot project was to start construction next year, with an opening in 2016.

Aurora also must submit annual reports detailing the amount of state sales-tax-increment revenue collected and how it has been spent; a summary of the status of construction; the number of new jobs created; and attraction of out-of-state tourists.

Lockheed says object part of 'sensor technology' testing that ended ThursdayWhat the heck is that thing? It's fair to assume that question was on the minds of many people who traveled along Colo. 128 south of Boulder this week if they happened to catch a glimpse of what appeared to be a large, silver projectile perched alongside the highway and pointed north toward town.

PARIS (AP) — Bye, New York! Ciao, Milan! Bonjour, Paris! The world's largest traveling circus of fashion editors, models, buyers and journalists has descended on the French capital, clutching their metro maps and city guides, to cap the ready-to-wear fashion season. Full Story